The Algerian government is looking at opening subsidiaries for State-owned banks abroad, in Africa especially, the minister of finance, Hadji Baba Ammi, announced on December 3.

“The ministry is conducting a study to open subsidiaries for Algerian banks abroad, in African countries especially,” the official told the press at the African investment and business forum.

“This mostly concerns public banks which will in the future have subsidiaries in African countries,” he added.

Unlike Moroccan lenders who are well established on continent, Algerian banks are yet to enter global expansion phase. The State’s presence in this sector remains significant as its (the sector) assets come mainly from oil companies deposits.